US stocks end lower

Dhaka,  Thu,  21 September 2017
Published : 13 Apr 2017, 10:46:48

US stocks end lower after Trump dollar comments

US stocks end lower
US stocks eased on Wednesday and the S&P 500 closed below a key technical level for the first time since Election Day, pressured by lingering geopolitical concerns.

US President Donald Trump said in a Wall Street Journal interview that the dollar "was getting too strong," though he also said he would like to see interest rates stay low.

The dollar, which has risen along with prospects for higher rates, hurts profits at US multinationals when it strengthens.

Investors sought shelter in defensive shares and other low-risk assets. 

Industrials and materials were the biggest drags on the market along with financials, while utilities, staples and telecommunications gave the S&P 500 its biggest lift.

The S&P financial index was down 0.9 per cent a day ahead of results from three major banks in what will mark the start of the corporate earnings season. 

Analysts are expecting earnings to have risen 10 per cent for all S&P 500 companies in the first quarter.

The Dow Jones Industrial Average closed down 59.44 points, or 0.29 per cent, to 20,591.86, the S&P 500 lost 8.85 points, or 0.38 per cent, to 2,344.93.

The Nasdaq Composite dropped 30.61 points, or 0.52 per cent, to 5,836.16.

Wells Fargo, Citigroup and JPMorgan are due to report results on Thursday, the last trading day of the week ahead of the Good Friday holiday.

Delta Air Lines closed down 0.5 per cent at $45.05 despite a better-than-expected quarterly profit and an upbeat forecast for current-quarter passenger unit revenue, according to Reuters.
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